Happy Thursday, Limitless Family! We’re going to talk about owning a vehicle this morning.
So, this is a question I get asked on a weekly basis. “Clint, why don’t you own a car?” Well, in 2018 after getting out of the military, I thought it was really smart to take out four credit cards which were all maxed out by 2020. This took my credit to about a 438. Fast forward to now, we’re on our way back up to an 800 by sometime next year. Debts are being paid off.
Business credit is being established where I will be able to purchase my dream car using business credit, also writing it off as a tax write-off at 50%. I’ve learned that patience is a virtue which is something my dad has always taught me, which I never listened until early this year. Hard-headed to say the least. Let me give you some stats about owning a vehicle compared to an Uber.
Car maintenance. This will depend on the make and age of your vehicle, but AAA estimates car owners will spend around $1,186 each year. The most expensive states average to $1,824. You pay an average of $7,929 to fuel your vehicle assuming you drive at least 10,000 miles per year, so owning a car can set you back at least around $11,000.
Now, Uber Black on the other hand, coming in at 80 cents per mile, assuming you’ll travel 10,000 miles per year, you’ll pay about $8,000 per year, making Uber slightly cheaper.
You can say I’m learning a big lesson on credit for the mean time but thanks to Kevin Faulkner and Jose Rodriquez, credit won’t be an issue this time next year. I want you to start thinking long-term. Short thinking leads to short results.
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Guys, have an amazing day and LIVE LIMITLESS!
